Warren unveils $640 billion college debt forgiveness plan

Democrat Elizabeth Warren is proposing the elimination of existing student loan debt for millions of Americans, part of a sweeping set of education funding proposals announced as she and other presidential candidates seek to differentiate themselves in a sprawling field. The Massachusetts senator says the proposal unveiled Monday would eliminate almost all student loan debt for 42 million Americans, canceling $50,000 in debt for each person with household income under $100,000. According to Warren's description of the plan in a piece to be posted on Medium, the debt cancellation proposal would create a one-time cost to the federal government of $640 billion.